TUSTIN, Calif., Oct. 25, 2012 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC) announces that it has closed a new funding facility for its wholly owned subsidiary, Eran Engineering, Inc. The facility from Utica Leaseco, LLC provides equipment refinancing.
The equipment financing facility will replace and retire the obligations and will settle all legal matters between M Line and Pacific Western Bank. In addition, the funding will pay off other obligations resolving those legal issues. David Levy, President of Utica Leaseco said, "we are happy to provide this facility to M Line, we see the progress management has made in restructuring existing obligations to help return the Company to profitability."
"The closing of this facility provides the Company with sufficient capital to retire obligations which existed when present management took control," said George Colin, Chief Executive Officer of the Company.
The closing of this facility allows the Company to look forward to the future rather than working through issues left by prior management. Furthermore it takes short term debt and moves it into long term debt thereby strengthening the Balance Sheet.
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC) acquires fundamentally-sound companies that are market accepted, scalable and demonstrate a quantifiable value proposition when properly managed. Currently our focus is in the aerospace and medical manufacturing and precision equipment businesses that, with the addition of some new products and markets, can exhibit strong growth in both revenue and profits. MLHC lends its operational support, management approach, strategic partnerships, relationships and financial resources to these companies to reduce costs and expand sales, which allows these companies to achieve exceptional performance over time. MLHC currently operates two wholly owned subsidiaries that are positioned for growth; Eran Engineering, Inc. ("Eran") and E.M. Tool Company, Inc. dba Elite Machine Tool Company ("Elite"). Eran is AS9100 REV C certified and engineers/manufactures precision metal products and services to such major customers as Panasonic, Rockwell Collins, Driessen, UTC Aerospace Systems and Iris Medical. Elite sells pre-owned machine tool equipment that has been refurbished in Elite's facility to customer specifications. MLHC has acquired a significant minority position in Mediatronics Corp., a private company that benefits from synergies with ERAN and is a designer of media infotainment platforms including cloud connected applications for the auto and specialty vehicle markets which includes; marine, RV, truck, sports performance and off-road vehicles. Customers include both OEM (including one of the "Big 3 Automakers") and tier 1 and 2 suppliers to each of these selected markets.
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Forward Looking Statements
This news release contains certain "forward- looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe," enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
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Source:M Line Holdings, Inc.